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The Importance of Coordinating Estate Planning and Financial Advising

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“The Importance of Coordinating Estate Planning and Financial Advising”” by Attorney Jon Gasior (Audio)

When assisting clients with setting up their estate planning documents, our conversations revolve around who will manage their assets if they are unable, who will inherit their assets when they pass away, and tax avoidance and long-term care planning strategies. Ultimately, we are providing peace of mind and guiding families to leave a lasting legacy.  

During an estate planning consultation, your attorney will have questions about your assets, but won’t dive into asset alignment. Estate planning attorneys need to know what assets exist and how they may fit into the plan from a legal perspective of titling, taxes, and transfers. 

To ensure a comprehensive estate plan, it is necessary to review the assets at all levels, and this includes reviewing the alignment and investments. This is where a financial advisor is helpful in the estate planning process. A financial advisor can complement the estate plan by understanding the long-term goals of the client and making recommendations or changing investment strategies to further those goals.

Estate planning and financial planning are not as effective in a silo as they are working seamlessly together. For example, a client may tell their estate planning attorney their goal is to provide a multigenerational legacy for their children and grandchildren. They may then tell their financial advisor that, because of their age, they are risk-averse and do not want to invest in risky investments.

It is important to marry these two concepts. The attorney can develop the estate plan to get closer to achieving the goal of multigenerational wealth transfer while the advisor needs to do a deep dive at the risk profile, time horizon, and underlying performance of the investments to determine short-term volatility while projecting long-term growth for generations. 

Frequently, these two trusted advisors do not coordinate the client’s goals as a team. By aligning your financial plan with your estate plan, you ensure a more comprehensive and holistic approach to protecting and providing for your loved ones.

Jon J. Gasior, Estate Planning Attorney
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About Jon J. Gasior, Estate Planning Attorney

His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime. About the Author !